Everyone has a cash crunch in the Corona era. Because of which there is a problem in taking loans. The same, now you can take a loan in lieu of a car in the Corona era, it will be a little cheaper. Some lenders loan up to 150% of the original value of a car. If the repayment of your car loan with the bank is good, then you can get a pre-approved loan in lieu of your car. For this, you will need at least documents. If you are a new customer, you will have to submit your KYC documents, your bank details and your salary slip or ITR etc.

A major private sector bank is offering such loans in the range of 13.75-17% per annum, while another major government bank is offering loans at an effective ROI of 14.8% to 16.8%. is. Now, these rates can be slightly cheaper than personal loans, and the loan duration can be anything between 12 months and 84 months depending on the policies of your lender.

Apart from this, take care of other charges like non-refundable processing fees, part-payment charges, stamp fees, RTO transfer charges, EMI bounce charges, etc. First of all, find out from your lender whether you are eligible for a pre-approved loan or not. In the end, make sure that all your EMI is less than 40% of your monthly household income and you complete all your EMI on time.

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